Consumers of petroleum products are expected to pay more at fuel pumps following the re-introduction of the Price Stabilisation and Recovery Levy effective February 1, 2022.
The levy was suspended last year as part of efforts to cushion consumers from the constant rise in the price of fuel products in the country is coming back according to the National Petroleum Authority (NPA).
A statement by the Authority indicates that the move has become expedient for government to be able to continue subsidising premix fuel for fisher-folks across the country.
“We refer to our letter dated 11 January 2022 on the subject matter “Extension of the Zeroing of Price Stabilisation and Recovery Levy from the Price Build-Up to 31 January 2022,”
“As per the said letter mentioned above, the National Petroleum Authority (NPA) informed you that government had approved an extension of the removal of the PSRLs on petrol, diesel and LPG for another month after the original two-month removal ended on 31 December 2021. We hereby wish to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies
(LPGMCs) that effective 1″ February 2022, the PSRLs on petrol, diesel and LPG have been fully restored,” the statement said.